TDS threshold to be increased; Know what are the benefits

New Delhi: The high-level committee under a former Delhi High Court judge to suggest simplification of Income Tax laws has submitted its report on TDS (tax deduction at source) reforms as one of the core recommendations for Union Budget 2016.

The report, accessed by Times of India, says, "TDS rates for interest income and commission need to be rationalized, the committee suggested that these should be halved to 5 percent".